SpaceChain made a “space” transaction in BTC with a multisignature via the ISS
The SpaceChain project successfully sent 0.01 BTC with multisignatures using dedicated hardware on the International Space Station (ISS).
The developers of the blockchain-based satellite project SpaceChain reported that they sent 0.01 BTC to two Bitcoin addresses. They used special equipment to transmit encrypted data through a ground station to the ISS. It was created by GomSpace, a satellite manufacturer using nanotechnology, and was subsequently placed on the ISS.
Unlike a regular transaction, a multisignature transaction requires confirmation from multiple people. This increases the level of security and allows you to create “collective” wallets, access to which depends on multiple users.
“We’ve worked hard to make multi-signature transactions from outer space a reality. We managed to create an open satellite network based on blockchain with an increased level of security and immutability. SpaceChain’s mission is to connect space with blockchain technology, ”said SpaceChain co-founder and CTO Jeff Garzik.
The project received support from the European Space Agency (ESA), becoming a member of the Kick-start Activities program and winning a grant of 60,000 euros. In the future, SpaceChain developers plan to create new products for digital banks and firms working in the field of fintech. Last December, SpaceChain sent a hardware wallet to the ISS, which was delivered by SpaceX’s Falcon 9 rocket, with Nanoracks contributing. Once the hardware was activated, it was used to receive, confirm, and retransmit multisigned transactions on the Qtum and Ethereum blockchains.
“This event brought humanity closer to the use of space systems and the latest technologies in the commercial market. We will continue to support SpaceChain to help the project achieve its goals in space and beyond, ”added GomSpace CEO Niels Buus.
SpaceChain isn’t the only firm trying to combine satellite technology and blockchain. In 2017, Blockstream launched the Blockstream Satellite service, allowing Bitcoin users to transfer BTC via leased satellites.
